Corteva (NYSE:CTVA) Price Target Raised to $83.00 at Wells Fargo & Company

Key Points

• Corteva's price target was raised to $83.00 by Wells Fargo, indicating a potential upside of 17.35% from its current price.
• The stock continues to receive favorable ratings, with twelve analysts issuing a buy rating and an average target price of $79.50.
• In its latest earnings report, Corteva surpassed consensus estimates with $2.20 EPS, along with a revenue of $6.46 billion, reflecting a year-over-year increase of 5.6%.

Corteva (NYSE:CTVA - Get Free Report) had its price objective increased by stock analysts at Wells Fargo & Company from $82.00 to $83.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 17.35% from the company's current price.

CTVA has been the subject of a number of other research reports. UBS Group boosted their target price on Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research report on Thursday. Jefferies Financial Group reaffirmed a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Barclays lifted their target price on shares of Corteva from $70.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Monday, July 7th. Morgan Stanley upped their price target on shares of Corteva from $65.00 to $71.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Finally, Oppenheimer set a $87.00 price objective on Corteva and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $79.50.

Corteva Price Performance

Shares of NYSE CTVA traded down $0.32 during midday trading on Friday, hitting $70.73. 1,585,715 shares of the company's stock were exchanged, compared to its average volume of 3,764,540. The business's fifty day moving average price is $73.29 and its two-hundred day moving average price is $66.46. The company has a market cap of $48.25 billion, a price-to-earnings ratio of 34.51, a PEG ratio of 1.72 and a beta of 0.75. The company has a current ratio of 1.44, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07. Corteva has a 12-month low of $50.78 and a 12-month high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.89 by $0.31. The company had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.83%. The firm's revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.83 EPS. As a group, research analysts forecast that Corteva will post 2.96 EPS for the current fiscal year.

Institutional Trading of Corteva

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cary Street Partners Financial LLC lifted its position in shares of Corteva by 20.7% in the 1st quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company's stock worth $5,677,000 after purchasing an additional 15,448 shares during the period. Scissortail Wealth Management LLC lifted its stake in shares of Corteva by 72,080.0% in the 4th quarter. Scissortail Wealth Management LLC now owns 3,609 shares of the company's stock valued at $206,000 after purchasing an additional 3,604 shares during the period. Allworth Financial LP grew its stake in Corteva by 11.8% in the first quarter. Allworth Financial LP now owns 15,313 shares of the company's stock worth $945,000 after purchasing an additional 1,614 shares during the period. Brighton Jones LLC raised its holdings in Corteva by 307.2% in the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock worth $888,000 after purchasing an additional 11,760 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Corteva by 13.9% during the first quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company's stock valued at $279,000 after buying an additional 536 shares during the period. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Company Profile

Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.

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